CMI’s Q3 Revenue Slumps by 87.21% YoY, Reports Rs. 6.99 Cr. Loss
Delhi-based cable manufacturer, CMI Ltd., has announced its financial results for the quarter ended 31st December 2022.
On a Year-over-Year (YoY) basis, the company’s Q3 revenue from operations fell by 87.21% to Rs. 1.90 crore in FY-23 from Rs. 14.85 crore logged during FY-22. Correspondingly, net loss reported by the company for Q3 of FY-23 was Rs. 6.99 crore, which reflects a 37.87% drop from the Rs. 11.25 crore loss clocked by the company in Q3 of the previous fiscal.
Quarter-over-Quarter (QoQ) analysis of CMI’s financials reveals a 20.50% slump in revenue from operations from Rs. 2.39 crore which was earned during the quarter ended 30th September 2022. Net loss of the company also decreased by 5.28% from Q2 to Q3 of FY-23. For the second quarter of the ongoing fiscal, the company’s net loss stood at Rs. 7.38 crore.
CMI’s promoters have been offloading shares since 2021. The promoter holding now stands at a mere 0.5%, and the Public holds more than 75% of CMI. The company’s topline has been dropping since FY’20, with a peak turnover of INR 637 Cr in FY’19.